India's Essel Propack falls on Blackstone stake sale report
18/09/2020 06:31
** Shares of packaging products maker ESSL.NS fell as much
as 6.1% to 256 rupees, their biggest intraday drop since Aug. 31
** Financial daily The Economic Times reported https://economictimes.indiatimes.com/markets/stocks/news/blackstone-to-sell-23-stake-in-essel-propack/articleshow/78180475.cms,
citing people aware of the development, that U.S.
private-equity firm Blackstone BX.N would sell 23% stake in co
for $250 mln
** BX would sell stake at 255 rupees/share, the paper
reported, a price which is a discount of over 6% to Essel's
Thursday closing value of 273 rupees
** ESSL shares are set for four straight sessions of losses
** Around 7.6 mln Essel shares change hands by 0522 GMT, vs
30-day avg of 261,368 shares
** Stock up about 54% so far this year as of Thursday's
close
(Reporting by Derek Francis in Bengaluru)
((derek.francis@thomsonreuters.com; +91-9986311363 and
@derekfrancis089 on Twitter;))